Sell Crude Oil SEP @ 8360 SL 8480 TGT 8250-8150. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL SEP @ 8360 SL 8480 TGT 8250-8150. MCX
Observations
Crudeoil trading range for the day is 8160-8486.
Crude oil gains after US threatened to impose the toughest sanctions with no end in sight for disruptions to Middle East oil flows.
Iran vows 'devastating' response as US threatens toughest ever economic hit
Oil supply from major Middle East producers remains curtailed Only seven commodity ships crossed Strait of Hormuz on Thursday, data shows
NATURALGAS
SELL NATURALGAS AUG @ 265 SL 268 TGT 262-260. MCX
Observations
Naturalgas trading range for the day is 259.7-270.5.
Natural gas prices rose as traders balanced expectations for persistent summer heat against abundant supply.
The latest EIA report showed US utilities added only 16 billion cubic feet of gas to storage last week.
Strong output has therefore limited the impact of elevated summer demand on storage levels.
Average gas flows to the nine major US LNG export facilities held at 17.2 bcfd in August, slightly below June’s record of 17.4 bcfd
